Daré Bioscience

What Daré Bioscience does

Daré Bioscience is a publicly traded clinical-stage biopharmaceutical company (NASDAQ: DARE) founded in 2015 and headquartered in San Diego, California, focused exclusively on developing and commercializing therapeutics for women's health. The company's portfolio addresses conditions with limited or no FDA-approved treatment options, including female sexual arousal disorder, persistent high-risk HPV infection, hormone-free contraception, preterm birth prevention, and vaginal microbiome health. Core technology assets include proprietary topical drug delivery formulations (DARE to PLAY Sildenafil Cream 3.6%), intravaginal drug delivery systems (DARE-HPV vaginal insert, DARE-PTB1 progesterone ring, Ovaprene hormone-free contraceptive with knitted polymer barrier), and probiotic formulations (Flora Sync LF5). The company pursues a dual-path regulatory strategy that uses Section 503B compounding for near-term patient access while advancing 505(b)(2) NDA pathways for long-term FDA approval.

The business model combines prescription product sales via telehealth (DARE Health Hub powered by Medvantx Pharmacy, serving all 50 U.S. states), direct-to-consumer e-commerce for non-prescription products ($49 per box for Flora Sync LF5), out-licensing and royalty arrangements (including a $22 million XOMA royalty financing transaction involving XACIATO and other candidates), and substantial non-dilutive grant funding from NIH, ARPA-H, and the Gates Foundation totaling approximately $41.8 million of $49 million committed. The company reported Q1 2026 revenue of approximately $0.2 million against a cash position of $18.5 million and an improving net loss position ($3.56 million in Q3 2025 versus $4.7 million year-over-year). With a headcount of 1-10 employees, Daré operates as a capital-efficient virtual biotech that relies heavily on contract manufacturing (Probiotical S.p.A., 503B outsourcing facilities), contract research (FHI 360), and government grant funding to advance its pipeline.

Customer concentration is structurally low because the company sells to individual women consumers across multiple distinct therapeutic categories rather than to enterprise accounts. Distribution channels include the DARE Health Hub telehealth platform, 503B outsourcing facility fulfillment, and a field sales effort targeting OB/GYNs and women's health providers nationwide. The company is led by Founder and CEO Sabrina Martucci Johnson, recognized in Medicine Maker's Power List, Endpoints News Women in Biopharma, and Fierce Pharma's Most Influential People in Biopharma. Daré trades at approximately $2.88 per share with a market capitalization of roughly $42 million as of April 2026.

Name

Daré Bioscience

Legal name

Daré Bioscience, Inc.

Website

https://darebioscience.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Daré Bioscience is a publicly traded women's health biopharmaceutical company developing and commercializing proprietary topical, intravaginal, and probiotic therapies for conditions including sexual arousal disorder, HPV, contraception, and preterm birth, serving individual women consumers via telehealth and OB/GYN providers nationwide.

Ownership category

akta.pro rank

Product category

Women's Health Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (3254), Medicinal and Botanical Manufacturing (325411)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836), Medicinal Chemicals & Botanical Products (2833)

akta.pro primary industry

Women’s Health & Reproductive Specialty Pharmaceuticals (HLAIACAN)

akta.pro secondary industries

Endocrinology & Reproductive Health Pharmaceuticals (incl. Women’s Health) (HLAIAAAJ), Contraception & Family Planning Telehealth (birth control, counseling, follow-up) (HLALAHAB), Women’s Health & Contraception Prescribing + Pharmacy Delivery Platforms (HLALAIAI), Women’s Health Supplements (Prenatal, Menopause, Hormonal) (CRADAGAK)

Keywords

• Women's health therapeutics
• Biopharmaceutical development
• Vaginal drug delivery
• Reproductive health products
• Clinical stage pharmaceuticals

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Marketing or Sales, Operations, Others

Revenue model

1. Product Sales - Consumer Health: Direct consumer product revenue from selling consumer health products including DARE to PLAY (sildenafil cream via prescription) and Flora Sync LF5 (vaginal probiotic capsules without prescription). First product revenue expected in June 2026. Products sold through DARE Health Hub e-commerce platform.
2. Product Sales - Compounded Drugs: Revenue from compounded drug products manufactured through 503B outsourcing facilities. DARE to PLAY available via prescription through this pathway while pursuing FDA approval simultaneously.
3. Royalty and Milestone Payments: Future royalty and milestone payments from XOMA royalty financing transaction related to FDA-approved XACIATO and other product candidates. Deal structure includes upside-sharing rights once certain returns are achieved.
4. Out-licensing - Ovaprene: Following return of Ovaprene rights from Bayer (February 2026), company retains full economics. Potential future licensing or partnership opportunities for global commercialization.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels8 records

Core offering

Daré Bioscience develops and commercializes women's health therapeutics, including a prescription topical sildenafil 3.6% cream (DARE to PLAY) for female sexual arousal disorder distributed via telehealth, and an over-the-counter vaginal probiotic capsule (Flora Sync LF5) for microbiome balance. The company also maintains a clinical-stage pipeline spanning hormone-free contraception (Ovaprene), HPV treatment (DARE-HPV), preterm birth prevention (DARE-PTB1), and longer-acting contraceptive implants (DARE-LARC1, Casea S). Products are manufactured through FDA-inspected 503B outsourcing facilities and commercialized through both a direct-to-consumer telehealth platform and field sales to OB/GYNs.

Product overview

Daré Bioscience is a purpose-driven health biotech company focused on women's health, offering a portfolio of commercial and investigational products across sexual health, contraception, vaginal health, and fertility. Commercial products include DARE to PLAY™ Sildenafil Cream (prescription topical arousal cream for women) and Flora Sync LF5™ (over-the-counter vaginal probiotic). The investigational pipeline includes Ovaprene® (hormone-free monthly contraceptive in Phase 3), DARE-HPV (HPV treatment in Phase 2), DARE-PTB1 (preterm birth prevention), and multiple contraceptive candidates. The company operates a dual-path strategy leveraging Section 503B compounding for near-term access while pursuing 505(b)(2) FDA approval pathways for long-term commercialization.

Differentiator

Problem solved

Functional benefit

Brands

• DARE to PLAY: First-of-its-kind topical sildenafil cream for women for the treatment of female sexual arousal disorder. Now available for prescription in all 50 U.S. states through the DARE Health Hub.
• DARE to RESTORE
• DARE to RECLAIM
• DARE to SUPPORT
• DARE to PLANT
• DARE to FIGHT
• DARE Health Hub
• XACIATO

Products and services

• DARE to PLAY™ Sildenafil Cream, 3.6% First-of-its-kind topical sildenafil 3.6% cream applied locally to vaginal tissue to treat female sexual arousal disorder (FSAD) by increasing genital blood flow. Available by prescription through the DARE Health Hub telehealth platform powered by Medvantx Pharmacy across all 50 U.S. states, dispensed through 503B outsourcing facilities under cGMP. Targeted at the estimated 20 million U.S. women experiencing low or no sexual arousal.
• Flora Sync LF5™ Vaginal Probiotic Capsule Non-prescription vaginal probiotic capsule formulated with the clinically studied Limosilactobacillus fermentum LF5 strain to restore and maintain vaginal microbiome balance. Sold directly to U.S. consumers through the DARE Health Hub at $49 per box of six capsules; clinical claims include 96% of women achieving microbiome balance within 3 days and 90% maintaining balance at 2 weeks.
• Ovaprene® Hormone-Free Monthly Contraceptive Investigational hormone-free monthly intravaginal contraceptive combining a locally acting non-hormonal agent that impedes sperm motility with a knitted polymer barrier that physically blocks sperm from entering the cervical canal. In Phase 3 pivotal study for the estimated 64 million-woman U.S. contraceptive market.
• DARE-HPV Vaginal Insert Investigational proprietary fixed-dose soft-gel vaginal insert combining lopinavir and ritonavir designed as a non-surgical, localized, self-administered therapy for clearance of persistent high-risk HPV infection, which causes 99% of cervical cancer cases. Phase 2 study initiated May 2026 with no FDA-approved pharmacologic treatment currently available in this indication.
• DARE-PTB1 Progesterone Intravaginal Ring Investigational intravaginal ring delivering bio-identical progesterone for the prevention of preterm birth, supported by NIH NICHD funding. Targeted at pregnant women at risk for preterm birth with no FDA-approved treatment following the FDA's withdrawal of Makena.
• DARE-LARC1 Smart Drug Delivery Device Preclinical-stage smart levonorgestrel-releasing implant drug delivery system for contraception with remote pause and resume dosing capability. Funded by an NIH grant of up to $49 million with approximately $41.8 million received to date. Designed to provide long-acting reversible contraception with more predictable return to fertility.
• DARE-204 / DARE-214 Injectable Contraception Investigational 6-month (DARE-204) and 12-month (DARE-214) injectable formulations of etonogestrel being developed as longer-acting reversible contraception with more predictable return to fertility than existing injectables.
• Casea S Biodegradable Contraceptive Implant Potential first-in-category biodegradable contraceptive implant designed to provide 18-24 months of contraception before dissolving, eliminating the need for a healthcare provider removal visit. Co-developed with Theramex under a licensing and co-development agreement; Phase 1 conducted by FHI 360.
• Live Biotherapeutic Hydrogel Investigational novel hydrogel formulation for delivering live biotherapeutics to support vaginal health, designed to maintain microbial viability during storage and distribution. Developed with Bill & Melinda Gates Foundation grant funding targeted at women in low- and middle-income countries.
• DARE-VVA1 Vaginal Insert Investigational hormone-free vaginal insert for sexual pain following menopause or breast cancer treatment.

Quantifiable outcome

• 96% of women achieved vaginal microbiome balance within 3 days with Flora Sync LF5
• +5 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Five partnerships are on record, tiered core and minor.

• TheramexcoreStrategic or Co-development PartnerCo-development and licensing agreement for Casea S, a potential first-in-category biodegradable contraceptive implant designed to provide 18-24 months of contraception before dissolving. Implant requires only a single surgical visit and eliminates need for healthcare provider removal. Ongoing Phase 1 trial conducted by FHI 360 with full foundation grant funding, resulting in no current development costs for either party.
• Probiotical S.p.A.coreOEM/ Whitelabel/ Licensing PartnerItalian probiotic company manufacturing Flora Sync LF5 vaginal probiotic capsules. Probiotical oversees every step from strain selection and scientific validation through manufacturing and quality control under cGMP standards. Company roots in lactic acid bacteria research dating back nearly a century.
• Medvantx PharmacycoreTechnology or IntegrationPowers the DARE Health Hub telehealth platform enabling secure online consultations and prescription acceptance in all 50 U.S. states during pre-fulfillment period. Pharmacy fulfillment partner for DARE to PLAY Sildenafil Cream prescriptions.
• FHI 360minorImplementation/ SI/ Consulting PartnerClinical research organization conducting Phase 1 trial for Casea S biodegradable contraceptive implant under foundation grant funding.
• University of South FloridaminorStrategic or Co-development PartnerResearch collaboration for preterm birth prevention. $385,000 NIH grant (2023) supporting preclinical studies for new approach to prevent and treat idiopathic preterm birth.

Scale indicators18 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Evofem Biosciences: Women's sexual and reproductive health company marketing Phexxi (a vaginal pH modulator for contraception and STI prevention). Direct comparison to Daré's DARE to PLAY and DARE to PLANT franchises — both target women's intimate health via prescription and DTC channels.
• TherapeuticsMD: Women's health company focused on menopause, contraception, and prenatal care (Bijuva, Imvexxy, Annovera). Closely comparable portfolio focus and prescriber/patient marketing approach to Daré's menopause and reproductive health pipeline.
• Agile Therapeutics: Women's health company marketing Twirla, a transdermal weekly contraceptive patch. Comparable in targeting the prescription contraception market with a differentiated delivery technology — a direct parallel to Ovaprene's hormone-free monthly approach.
• Femasys Inc. Biomedical company developing women's reproductive health products including FemaSeed (intratubal insemination) and FemVue, with a contraceptive candidate in development. Direct peer in women's reproductive device and drug-device combination development.
• Myovant Sciences: Women's health and prostate cancer company (now part of Sumitomo Pharma) commercializing Myfembree for uterine fibroids and endometriosis. Comparable women's health specialty pharma model targeting underserved female conditions with first-in-class therapies.
• Theramex: Global women's health specialty company focused on contraception, fertility, and menopause. Co-developing Casea S with Daré, making it both a partner and a directly comparable women's health specialty pharma with overlapping commercial focus.
• Sebela Pharmaceuticals: Private specialty pharmaceutical company with significant women's health franchise including Crinone (progesterone gel) and the Intrarosa prasterone vaginal insert. Closely comparable in vaginal and reproductive health product development and commercialization.

Broad incumbents

• Organon & Co. Large women's health-focused spinoff from Merck with established portfolio in contraception, fertility, and menopause (Nexplanon, NuvaRing, Cerazette). Broad incumbent competitor across Daré's contraceptive and hormone therapy areas with significantly greater commercial scale.
• Hologic: Diversified women's health leader spanning diagnostics (ThinPrep Pap), medical aesthetics, and surgical devices. Broad incumbent that intersects with Daré's HPV/cervical cancer focus and represents the scale of a fully integrated women's health franchise.

Emerging players

• Millendo Therapeutics (legacy): Endocrinology-focused company (now Neuresta/Consynance) that previously pursued women's health indications including endometriosis. Comparable small-cap women's endocrine pipeline model though currently in transition.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/DareBioscience
• LinkedInlinkedin.com/company/dare-bioscience
• Instagraminstagram.com/darebioscience

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds19 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Daré Bioscience